Integrating Voice of the Customer programs to increase business performance

The traditional approach to feedback analysis – manually going through each piece of feedback – is becoming obsolete due to its huge resource and time consumption. It is remarkable how AI analytics tools have proliferated and become the top priority for all top leaders.

The power that major companies like Google, Netflix and Amazon have achieved by using advanced analytics technologies is no secret to anyone. They have transformed the way businesses use customer data. Using AI, NLP, machine learning and predictive analytics technologies, they are transforming massive data sets into actionable insights like never before.

• Google has released BigQuery and TensorFlow to improve audience targeting and develop predictive analytics.
• Netflix uses AI to create personalized recommendations based on browsing history.
• Amazon offers developers its machine learning services such as SageMaker and Personalize for predictive analytics, gaining customer insights, and optimizing operational efficiency.

They set standards for the entire industry, continuously develop these technologies and methods and remain at the top.

Advanced data analytics has not only revolutionized the way companies think and work, but it has also accelerated business growth by automating processes and delivering data-driven insights.

However, the reality of the CX industry is a little different. Currently, 46% of companies lack integration of technological systems, leaving them struggling with disjointed technical infrastructures. This inability to integrate technological systems results in 49% of companies being unable to prioritize actions and 38% being unable to take any action at all, limiting their CX capabilities. This results in 36% of customers asking the customer request, but 32% simply fobbed them off!

By using advanced analytics techniques like text analysis and sentiment analysis, companies can easily sift through large amounts of customer data in minutes and identify recurring themes, complaints and sentiments. With these insights, they can take action, create meaningful improvements and tailor their customer journey to resonate directly with customers.

With less than 10% of companies having insights-based capabilities, it’s high time to leverage advanced analytics technologies to gain comprehensive insights into customer behavior, deliver more personalized customer experiences, and increase brand loyalty.

What is the point of collecting and analyzing these huge amounts of data if you don’t use it?

The success of a CX program depends on acting on feedback, but often companies fail to do so and their customers’ feedback ends up gathering dust. In fact, only 41% of organizations focus on the closed-loop mechanism, and the rest do not take any action based on the feedback and thus do not close the loop with dissatisfied customers – This leads to significant customer churn.

Instead of viewing feedback as a valuable piece of data, a closed-loop mechanism ensures that you build a dialogue with your customers that is meaningful to both you and the customer. It helps identify customer pain points and expectations, as well as areas where your product or service can be improved, thereby improving their overall experience with your brand.

This not only builds a relationship with the customer, but also gives them the confidence that they are being listened to.

Furthermore, this tracking must also be done proactively. It should not only be about avoiding detractors, but also about creating positive experiences and turning them into advocates. Only when companies focus on delivering “WOW” customer experiences and not just increasing the numbers can their CX have a positive impact on their bottom line.

But the biggest challenge is – Companies don’t know how to close the feedback loop. Thousands of customer feedbacks are lying in the corner and they struggle to make sense of them. Customer experience platforms that leverage closed-loop capabilities like ticketing systems, predictive analytics, text and sentiment analysis, and critic analysis make it much easier. With alerts for each critic, ticket creation for customer complaints, real-time analytics on key trends and sentiments, and customer behavior predictions, they can take quick action and resolve customer issues before it’s too late.

With a customer-centric approach and a robust customer experience platform, companies can effectively close the feedback loop and increase customer satisfaction, foster loyalty and encourage positive word of mouth.

Voice of Customer programs create organizational change – they enable companies to make data-driven decisions and ensure that all strategies and decisions are supported by customer data and insights. They ensure that everything you do revolves around the customer.

Companies that integrate Voice of the Customer programs with advanced data analytics capabilities and close the feedback loop are harnessing the true power of customer insights – and fostering a responsive, customer-centric and agile work culture. By listening to the voice of the customer, companies can improve customer loyalty, increase customer satisfaction and gain a competitive advantage.

In the age of a customer-centric world, implementing Voice of the Customer programs is not just an option, but a necessity for the success of your business.